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Litecoin Breaks Below Key Territory of 162.00

By JFD TeamCryptocurrencySep 22, 2021 08:11AM ET
www.investing.com/analysis/litecoin-breaks-below-key-territory-of-16200-200602718
Litecoin Breaks Below Key Territory of 162.00
By JFD Team   |  Sep 22, 2021 08:11AM ET
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Litecoin entered a tumbling mode on Sept. 16, after it hit resistance at 195.00. Then, on Sept. 19, it broke below the upside support line taken from the low of July 20, while the next day, it fell below the key support (now turned into resistance) zone of 162.00. That zone had been acting as a floor for the crypto since Aug. 10. With all these technical signs in mind, we would consider the short-term picture to be negative.

Yesterday, Litecoin hit support at 144.00 and then it rebounded somewhat. However, even if the rebound continues for a while more, we see decent chances for the bears to take charge again from near the 162.00 area. A forthcoming wave may result in another test at 144.00, the break of which could pave the way towards the 132.00 zone, marked by the low of Aug. 5. If that area is not able to hold either, then a break lower may set the stage for extensions towards the 122.00 territory, marked by the inside swing high of July 23.

Shifting attention to our short-term oscillators, we see that the RSI rebounded and exited its below-30 zone, while the MACD, although negative, has bottomed and just poked its nose above its trigger line. Both indicators detect slowing downside speed and support the notion for some further recovery before the next leg south.

On the upside, we would like to see a return back above 195.00, which is the high of Sept. 16, before we start examining whether the outlook has turned bullish again. The crypto will already be back above the aforementioned upside line and may climb towards the 215.00 area, marked by the inside swing low of Sept. 6. If that area surrenders as well, then the next hurdle to consider may be the spike high of Sept. 13, at 230.00.

Litecoin LTC/USD 4-hour chart technical analysis
Litecoin LTC/USD 4-hour chart technical analysis

Litecoin Breaks Below Key Territory of 162.00
 

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Litecoin Breaks Below Key Territory of 162.00

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Kyaw Oo Kyaw Oo
Kyaw Oo Kyaw Oo Sep 23, 2021 11:55AM ET
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$10
Peter Horsfield
Peter Horsfield Sep 22, 2021 9:25AM ET
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